Dubai Real Estate Market Sees Remarkable Revenue Growth in 2024
The Dubai government has announced an impressive rise in revenue generated from the real estate sector in 2024. Sales in this sector saw a 20.6% increase, reaching a total of Dhs20.9 billion—equivalent to approximately Dhs1.74 billion per month. This marks a significant growth compared to 2023, where sales amounted to Dhs16 billion or about Dhs1.33 billion per month. A key factor contributing to this rise is the introduction of a 4% real estate registration fee on property sale and purchase transactions.
Between 2021 and 2024, the government’s total revenue from property sales reached Dhs53.6 billion. This translates to an average monthly revenue of Dhs1.11 billion over the four years. Breaking it down, revenue stood at Dhs20.9 billion in 2024 (Dhs1.74 billion per month), Dhs16 billion in 2023 (Dhs1.33 billion per month), Dhs10.7 billion in 2022 (Dhs625 million per month), and Dhs6 billion in 2021 (Dhs500 million per month).
The real estate market achieved a total transaction value exceeding Dhs522 billion by the end of 2024, resulting from 180,000 transactions. This represents substantial growth when compared to the figures from 2023, which recorded Dhs760.7 billion across 226,000 transactions. These numbers reflect increases of 19.8% in value and 36.1% in the number of transactions over the previous year.
In terms of the most lucrative areas, the Dubai Land Department (DLD) data highlighted the top 10 zones, which collectively contributed 31.8% of total sales in 2024. Leading the pack was Business Bay, with transactions valued at Dhs29 billion from 11,611 deals. Following closely were Jumeirah Village Circle, generating Dhs20 billion from 16,979 transactions; Burj Khalifa, contributing Dhs19 billion from 4,422 transactions; Palm Jumeirah, also at Dhs19 billion from 1,529 transactions; and Airport City, which achieved Dhs16 billion from 2,524 transactions.
Dubai Marina secured sixth place with 5,076 transactions totaling Dhs13 billion. Dubai Hills followed in seventh place, with sales of Dhs12 billion from 3,441 transactions. Al Yafra 1 came next with Dhs12 billion from 1,765 deals, while Wadi Al Safa 5 took ninth place, contributing Dhs11 billion from 803 transactions. Rounding off the top 10 was Palm Deira, with transactions worth Dhs10 billion from 728 deals.
Since 2022, Dubai’s real estate market has experienced consistent growth, driven by multiple factors. Chief among them are the strategic leadership of the government and the implementation of economic stimulus initiatives that have fostered a robust and resilient property market.
